Tenaris (NYSE:TS) Stock Rating Lowered by Wall Street Zen

Tenaris (NYSE:TS) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Other equities analysts also recently issued research reports about the stock. Barclays set a $48.00 price target on shares of Tenaris and gave the company an “overweight” rating in a report on Tuesday, May 6th. Stifel Nicolaus lowered their price target on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. BNP Paribas began coverage on shares of Tenaris in a report on Tuesday, April 22nd. They set an “outperform” rating on the stock. Finally, Morgan Stanley lowered their price target on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.00.

Tenaris Price Performance

Shares of NYSE TS opened at $38.65 on Friday. Tenaris has a 1 year low of $27.24 and a 1 year high of $40.87. The stock has a market cap of $22.47 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 2.91 and a beta of 1.29. The firm has a 50-day moving average of $35.40 and a 200 day moving average of $36.42.

Tenaris (NYSE:TS) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.14. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.88 billion. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. Tenaris’s revenue was down 15.1% compared to the same quarter last year. During the same period last year, the business earned $1.27 EPS. Research analysts expect that Tenaris will post 3.14 earnings per share for the current fiscal year.

Tenaris announced that its Board of Directors has approved a share repurchase program on Tuesday, May 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group raised its holdings in shares of Tenaris by 169.5% during the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 451 shares during the period. Harbour Investments Inc. acquired a new position in shares of Tenaris during the first quarter worth about $39,000. EverSource Wealth Advisors LLC grew its position in shares of Tenaris by 78.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company’s stock worth $41,000 after buying an additional 478 shares in the last quarter. Headlands Technologies LLC acquired a new position in Tenaris in the fourth quarter valued at approximately $42,000. Finally, Farther Finance Advisors LLC boosted its holdings in Tenaris by 93.2% in the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company’s stock valued at $66,000 after purchasing an additional 801 shares in the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Company Profile

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.